Kraken Parent Company Strategy and Hyperliquid's Path to US Market Access

The regulatory landscape for crypto in the US is shifting toward agency-led oversight following the failure of the CLARITY Act. Kraken's parent company, Payward, is pursuing a licensed approach via HIP-3 to facilitate US client access. Meanwhile, Hyperliquid is exploring paths to compliance, potentially leveraging licensed entities to deploy markets on its infrastructure without requiring direct registration, supported by recent CFTC guidance on digital commodity trading.